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I don't mind waiting. It is a low demand area. I'm not gonna give the place away so I'll price as low as I can reasonably go.
Foolishness is the easiest way to waste money. If you can rent it today for $3,250 a month or in 6 months for $6,500 your annual return is exactly the same. I'm not saying rent it for $3,250 but your post implies holding it vacant is better than renting it at all. Investing 101, any return is better than no return in most cases.
Foolishness is the easiest way to waste money. If you can rent it today for $3,250 a month or in 6 months for $6,500 your annual return is exactly the same. I'm not saying rent it for $3,250 but your post implies holding it vacant is better than renting it at all. Investing 101, any return is better than no return in most cases.
Who said it's vacant????? I'm living in it!
For $3,250 a month I may break even or lose money by the time I pay to live elsewhere.
I don't mind waiting. It is a low demand area. I'm not gonna give the place away so I'll price as low as I can reasonably go.
Quote:
Originally Posted by Big-Bucks
Who said it's vacant????? I'm living in it!
For $3,250 a month I may break even or lose money by the time I pay to live elsewhere.
So what exactly is your plan? You want this short term tenant in a fully furnished house paying top rent in a low demand area. How do you plan on accomplishing this and what's your marketing plan to attract that specific very focused type of tenant? But you're currently living in it. What does it mean I'm not gonna give the place away? Nobody is saying give it away. I think I get your angle now. I think your plan of this $6500 a month rent is to pay your current rent AND your rent elsewhere AND maybe a little bit more to sock away and not touch your income. Sure that's great if you can get it but it seldom works like that.
So what exactly is your plan? You want this short term tenant in a fully furnished house paying top rent in a low demand area. How do you plan on accomplishing this and what's your marketing plan to attract that specific very focused type of tenant? But you're currently living in it. What does it mean I'm not gonna give the place away? Nobody is saying give it away. I think I get your angle now. I think your plan of this $6500 a month rent is to pay your current rent AND your rent elsewhere AND maybe a little bit more to sock away and not touch your income. Sure that's great if you can get it but it seldom works like that.
My plan is internet marketing on VRBO and Zillow via Postlets. I want vacation rentals or short-term lease. VRBO picks up during the summer because I'm near the beach. I'm saying that I live in it. Most VRBO renters do. Nothing unusual about that. I'm not gonna go so low that it's not worth my time. You can get a healthy price about one month out of the year in this area (usually during the summer). That would be good enough for me. I just want a little extra income if I can get it. Would be nice though to rent for 6 months and be done with it. I'm just not going to rent a house for as much as an apartment goes for. That would be silly. I don't pay rent. I pay property taxes.
My plan is internet marketing on VRBO and Zillow via Postlets. I want vacation rentals or short-term lease. VRBO picks up during the summer because I'm near the beach. I'm saying that I live in it. Most VRBO renters do. Nothing unusual about that. I'm not gonna go so low that it's not worth my time. You can get a healthy price about one month out of the year in this area (usually during the summer). That would be good enough for me. I just want a little extra income if I can get it. Would be nice though to rent for 6 months and be done with it. I'm just not going to rent a house for as much as an apartment goes for. That would be silly. I don't pay rent. I pay property taxes.
Ok so are you going to be moving out during the lease or is it a roomate type situation? I understand you're saying you currently live in it. But are you going to live in it while it's occupied by others too? From your other posts it sounded/read like you were gonna move out and rent for 6 month lease. Sounds like you're now looking at a hodgepodge vacation, short term and longer term leases but you occupying also.
We have a few rentals in beach communities and I've stayed away from short term vacation rental myself. I do year long leases. Some guys do 9 month then do weekly during summer. Lots more headaches lots more money made and spent. I know a few who do it and it's a challenge. I know. I helped set up their rentals and in some cases meet the vacationers to show them around and let them in. Sometimes they call me in emergency cases.
You should look into doing VRBO monthly weekly summer time and snow bird longer term winter time. I have a friend who set up that way and it works. He doesnt live in it though. Which sounds like you are planning on doing.
Ok so are you going to be moving out during the lease or is it a roomate type situation? I understand you're saying you currently live in it. But are you going to live in it while it's occupied by others too? From your other posts it sounded/read like you were gonna move out and rent for 6 month lease. Sounds like you're now looking at a hodgepodge vacation, short term and longer term leases but you occupying also.
We have a few rentals in beach communities and I've stayed away from short term vacation rental myself. I do year long leases. Some guys do 9 month then do weekly during summer. Lots more headaches lots more money made and spent. I know a few who do it and it's a challenge. I know. I helped set up their rentals and in some cases meet the vacationers to show them around and let them in. Sometimes they call me in emergency cases.
You should look into doing VRBO monthly weekly summer time and snow bird longer term winter time. I have a friend who set up that way and it works. He doesnt live in it though. Which sounds like you are planning on doing.
No. I was never planning on living in the house. I would move out to AirBnB home or corporate apartment. My place is currently listed on VRBO.
But I just thought of an idea. I had always thought about renting just my master bedroom + bath, sticking a fridge and microwave in there and locking it off with a separate entrance around the side of the house (there's a door to the master bedroom). But I never thought about sticking ME in there! Maybe I could rent out the whole rest of the house. That would leave guests with 2 bedrooms + 1 bath + living room, office, kitchen and garage. That would leave me with even more profit margin.
I'll have to look into demand for this type of setup. Not sure how guests would feel about me living in the adjacent room. Less desirable but they'd get a lot of living space and be in a house.
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